Youngkin Vetoes Virginia Bill Requiring Diversity Disclosures for Corporate Tax Breaks
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Virginia Gov. Glenn Youngkin vetoed a bill requiring companies to disclose diversity data to qualify for state tax breaks and incentives. He argued it could deter investment.
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The bill would have required companies to have 30% board diversity and annually disclose diversity data to receive state incentives.
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Youngkin said the bill establishes "demographic-based quotas" rather than assessing financing applications individually.
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The governor argued the bill overlooks the achievements of women and minorities who have already made strides in board representation.
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Youngkin said the bill focuses too much on board diversity rather than creating jobs and economic opportunities for individuals in the state.